Saturday, September 23, 2023

CEO of banking giant Morgan Stanley is stepping down


US Morgan Stanley CEO James Gorman plans to step down within a year.

James Gorman, CEO of banking giant Morgan Stanley, publicly announced on Friday that he is stepping down from his position. However, he said he would continue for another year, according to Reuters who reported on the matter.

Gorman is 64 years old and started as CEO of Morgan Stanley in 2010.

Gorman told the shareholder that the bank’s board already had three strong candidates for his successor. However, he did not take his name.

Based on information from Reuters, strong candidates would be Dan Simkowitz, the director of investments already working at the bank, along with Ted Pick and Andy Saperstein.

Faced with these prospects, Gorman is not leaving Morgan Stanley, but is aiming to become chairman of the board.

Morgan Stanley is one of the largest banks in the United States. Its stock is traded on the New York Stock Exchange. On Friday, after 20:00 Finnish time, the share price had fallen by almost two percent from Thursday.

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